HPIL Holding entered into a license agreement with World Traditional Fudokan Shotokan Karate-Do Federation, a worldwide karate federation based in Switzerland.
Under the Agreement, HPIL Holding acquired an exclusive, worldwide, transferrable license covering the World Traditional Fudokan Shotokan Karate-Do Federation's brand and trademarks and the rights for worldwide production, distribution and sale of certain clothing, accessories and sporting goods, including basic sporting equipment and additional sporting merchandise, bearing the World Traditional Fudokan Shotokan Karate-Do Federation brand and trademarks. The term of the Agreement is for twenty-five (25) years, commencing on January 1, 2018 and continuing until December 31, 2042, unless terminated earlier by either party. The Agreement will automatically renew for successive twenty-five (25) year terms unless and until either party provides notice of non-renewal or terminates the Agreement pursuant to the terms of the same.
The World Traditional Fudokan Shotokan Karate-Do Federation, through its various worldwide member associations, has members spread throughout the 91 member associations in 91 different countries throughout the world, totaling around three million individuals (athletes, masters, leaders, fans and amateurs) associated with the World Traditional Fudokan Shotokan Karate-Do Federation. As a result of the Agreement, HPIL Holding expects to provide clothing, accessories and sporting goods, including basic sporting equipment and additional sporting merchandise to these members and individuals. HPIL Holding also intends to market the clothing, accessories and sporting goods to other target consumers worldwide.
Nitin Amersey, Director and CFO of HPIL Holding, said, “We are very pleased in signing this Agreement with the World Traditional Fudokan Shotokan Karate-Do Federation. The World Traditional Fudokan Shotokan Karate-Do Federation has a substantial membership and large group of individuals who support this membership base. We look forward to working with the World Traditional Fudokan Shotokan Karate-Do Federation and its member associations to develop products specifically needed by this group. We are also keen to develop, in partnership with the World Traditional Fudokan Shotokan Karate-Do Federation, the general awareness of Traditional Fudokan Shotokan Karate in the world at large and promote the concept and the sport and further develop its athlete base.”
Ionel Bara, President and CEO of the World Traditional Fudokan Shotokan Karate-Do Federation, said, “We are pleased to be working with HPIL Holding. We believe they have the market awareness and the resources to assist us in developing our sport and in increasing our membership.”
Louis Bertoli, the President and CEO of HPIL Holding, said, “We are pleased to have concluded the Agreement with World Traditional Fudokan Shotokan Karate-Do Federation and we look forward to working with them.”
